摘要
研究以2011年至2021年我国沪深A股上市公司为样本,实证分析探究信息不对称对债务资本成本的影响及其影响机制。研究结果表明:信息不对称会增加企业承担的债务资本成本,会计信息披露质量是信息不对称增加债务资本成本的主要影响机制;异质性检验发现,在行业竞争程度较为激烈的条件下,以及在国有企业和新兴行业中,信息不对称对债务资本成本的增加作用更显著。
Taking Chinese A-share listed companies in Shanghai and Shenzhen from 2011 to 2021 as research samples,this paper empirically analyzes and explores the impact of information asymmetry on the cost of debt capital and its influential mechanism.The research results indicate that information asymmetry is associated with an increase in the cost of debt capital borne by enterprises.In particular,the quality of accounting information disclosure is identified as a key factor influencing this cost.The heterogeneity test indicates that in the context of intense industry competition,as well as in state-owned enterprises and emerging industries,information asymmetry exerts a more pronounced influence on the escalation of debt capital costs.
作者
王明虎
陈妮妮
WANG Ming-hu;CHEN Ni-ni(School of Business,Anhui University of Technology,Maanshan 243002,Anhui,China)
出处
《徐州工程学院学报（社会科学版）》
2024年第2期51-59,共9页
Journal of Xuzhou Institute of Technology：Social Sciences Edition
基金
国家社会科学基金一般项目“供应链关系影响商业信用与银行信贷结构转换机制研究”(19BJY021)
安徽省高等学校人文社会科学研究项目“营运资金融资结构与企业价值研究”(SK2020A0183)。
关键词
信息不对称
债务资本成本
会计信息编制质量
会计信息披露质量
information asymmetry
cost of debt capital
quality of accounting information preparation
quality of accounting information disclosure
